Number Theory: $70 billion of reserves gone in 14 weeks
.
India’s foreign exchange reserves stood at $634.6 billion on the week ending January 3, the Reserve Bank of India (RBI) said in its weekly statistical supplement released on January 10. This number has fallen in every week except one since the week ending October 4, 2024, the data shows -- slipping from an all-time high $704.9 billion in the week ending September 27, 2024.
What do these numbers mean? How big or small is the ongoing depletion in India’s foreign reserves compared to the past? How significant is the current erosion in the larger macroeconomic context? Here are three charts which try to answer this question.
